After many attempts in trying to break and stay above the 1.38X level the pair has finally lost its steam and has given itself into the hands of the bears. The fib retracement level suggest there is a lot more room for the downside in this pair. The pair's first stop is mostly likely around 1.32 level at 38.2 fib retracement in the coming week(s) and likely to test the heavy support and supply zone around 1.28X level at a 61.8 fib retracment on the weekly charts. Ideal entry around 1.35 level should pay rich dividend on the short side of the trade wih stop loss around 1.362 level with tragets as mentioned above targets.

Good luck folks
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